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U.S. President Donald Trump is set to officially swear in Kevin Warsh as the new chair of the Federal Reserve on Friday at the White House, marking a major leadership shift at the U.S. central bank. Warsh was confirmed by the Senate on May 13 in a narrowly divided vote, largely along party lines.
Warsh replaces Jerome Powell as Fed chair, although Powell will remain on the Federal Reserve Board as a governor until January 2028. The 56-year-old former Fed governor will serve a four-year term as chair alongside a 14-year term on the board.
Trump selected Warsh as part of his broader push for lower interest rates and a more aggressive reduction of the Federal Reserve’s balance sheet. Warsh has consistently supported looser monetary policy and is expected to oppose additional rate hikes unless inflation significantly worsens.
His appointment comes at a critical moment for the U.S. economy. Federal Reserve officials are debating whether further policy tightening is necessary to control inflation pressures tied to geopolitical tensions and Trump’s military conflict with Iran. Minutes from the Fed’s April meeting showed that many policymakers believe additional rate increases may be needed if inflation remains above the central bank’s 2% target.
Warsh previously served as a Fed governor from 2006 to 2011 after being appointed during the George W. Bush administration. At age 35, he became one of the youngest members ever to join the Federal Reserve Board.
Trump frequently criticized Powell during his presidency for not cutting rates fast enough, openly calling him “Too Late” and questioning the Fed’s independence. Although the Trump administration pushed for closer alignment between Federal Reserve policy and White House economic goals, Warsh stated during his confirmation hearings that he intends to preserve the central bank’s autonomy.
Warsh’s leadership is expected to face intense political and economic scrutiny as markets closely monitor future Federal Reserve interest rate decisions in 2026.
